Loans and High Yield

Energía & Celulosa (Ence), a Spanish producer of eucalyptus pulp and biomass energy, opened a roadshow on Wednesday for €250m of bonds, in a high yield market that bankers see as slowly reviving.

Innovation Group, the insurance claims technology company, has syndicated £305m worth of loans to finance its acquisition by Axios Bidco, a subsidiary of private equity firm the Carlyle Group.

Gala Coral, the UK gambling company, on Tuesday announced it would repay part of its £275m bond due 2019, one of two notes that will not be absorbed into its merger with Ladbrokes.

ING has laid out the shape of its high yield joint venture between lending and DCM, which will be headed by new arrival Dominique LeMaire.

The Hong Kong subsidiary of Chinese conglomerate Peking University Founder Group has hit the syndicated loan market for a financing of $80m with one bank at the helm.

Legal action being taken against US chemicals firm Chemours over health issues arising from water contamination has led to steep falls in its bond prices, but some market participants on Monday said they were confident the firm would recover quickly.

Nine lenders have come on board a $250m loan for General Interface Solution (GIS), a provider of touch-based technology, leading to an oversubscription.

Chinese developer Soho China has wrapped up a tender offer to repurchase its outstanding notes as part of a debt management exercise. But as the bond price rallied to the repurchase level after the announcement of the transaction, the company managed to buy back less than half of the notes.

Tata Motors has launched a $600m dual-tranche refinancing into general syndication, with the borrower keeping the same top-level syndicate as the original fundraising.

Hong Kong-listed China Tian Lun Gas Holdings has mandated three banks to arrange a $150m borrowing, which has launched into general syndication.

The migration of Chinese property developers from the offshore bond market back to the domestic market is gaining steam, with another three issuing in the Mainland this week.

Garfunkelux, the German debt collection company, on Thursday issued £795m of notes in the first sizeable European high yield issue for three weeks. Market participants are now eager to see if other issuers finally follow in its steps.